Bailout gives tax break to bicycle commuters
Rachel Gordon, SF Chronicle, October 9, 2008
Starting in January, workers who use bicycles as their primary transportation mode to get to and from work will be eligible for a $20-a-month, tax-free reimbursement from their employers for bike-related expenses. In return, employers will be able to deduct the expense from their federal taxes.
Section 211 of the Emergency Economic Stabilization Act of 2008 allows for a "qualified bicycle commuting reimbursement" for "reasonable expenses incurred by the employee during such calendar year for the purchase of a bicycle and bicycle improvements, repair, and storage, if such bicycle is regularly used for travel between the employee’s residence and place of employment."
Other transportation-related items in the bill include credits for biofuels and other "alternative" mixtures, plug-in electric vehicles, and - so no one's left out - benefits for oil and natural gas producers too. Another section includes incentives for green construction and renewable energy production.
Read the complete Chronicle story here: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/10/09/BA1D13DRO7.DTL
And, if you're really brave, read the complete bailout bill here: http://banking.senate.gov/public/index.cfm?Fuseaction=Articles.Detail&Article_id=76b1aea4-39b8-404f-b3cd-f8b6c46e3b14&Month=10&Year=2008